Expecting the Unexpected: Insuring for an unplanned change of plans

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Before March, life for most people was “normal.” Normalcy, of course, is measured by a level of predictability in life assessing one’s current status, living according to it, and planning for the future inasmuch as it’s possible to do so. Graduations, weddings, family vacations, real estate closings and the like were in the works complete with dates and times. By all accounts, 2020 was shaping up in much the same way that 2019 did. People all over the globe went about their daily routines with a sense of comfort and with, what they thought was a reasonable expectation of what the coming year would bring.

Then the world stopped.

When COVID-19 arrived at the doorstep, everything changed in short order. In the US, within the span of two weeks, businesses were shuttered and stay-at-home orders were issued bringing life to a halt, and ending virtually everything that most people considered normal and, in retrospect, likely took for granted.

Suddenly, people with steady jobs were unemployed, the kids has to quickly transition of on-line learning from home and there was an unexplained shortage of toilet paper. Information about the Coronavirus was spotty and seemed to change everyday and no one could have predicted what would happen and everyone was unprepared. Some, however, were more unprepared than others.

This uncertainty has caused many people to take personal inventory of how well prepared for the unexpected they were and to consider ways to make sure they’re better prepared for the next sucker punch that life may throw at them.

Preparing people for the future and protecting them from the unforeseen is something Rich “Big Daddy” Salgado, CEO of Coastal Advisors. LLC has done for 25 years.

Coastal Advisors is an insurance consulting firm with more than 500 clients, most of whom are in the sports and entertainment fields (Rich’s brother Jim is Nickles Coach for the Buffalo Bills), but Salgado emphasizes that their insurance policies are nonetheless beneficial to people from all walks of life. In light of the current national health crisis, he says he’s taking a lot of calls from everyday people wanting to review or fix their current coverage.

“This is a good time to evaluate your coverage, especially if you’re home in quarantine,” Rich explains, adding that it’s important to be prepared for all situations and not leave your family with nothing when the unforseen happens. “Talking is free,” he adds. “We are happy to answer questions and educate people so they can make the nest decisions about their insurance needs.

Some of the most recognizable clients include Adam Schefter and Jay Glazer of NFL Insider, Michael Strahan, formally of the New York Giants and current analyst for Fox NFL Sunday and Co-host of ABC’s Good Morning America, and Kevin Weekes of the NHL Network and ESPN.

Rich himself is a Super Bowl Correspondent for  Fox & Friends and has hosted Super Bowl Parties as an ambassador for Saks Fifth Avenue.

“Working with sports personalities, our insurance offerings are unique,” says Chris Muro who works with Coastal Advisors out of Boca Raton, Florida. He points to term insurance where the policyholder and beneficiaries can receive a living benefit when a player may suffer a career-ending injury or ailment (like ALS) “Cognitive Impairment coverage provides a lump sum payout to the insured while he/she is still alive.” He explains that this is not only unique by term insurance standards where the policy holder typically has to die for the insurance to take effect, but it’s an attractive to non-athletes as well. 

An example of this would be a term policy for as little as $1,700/year, and pay out $1 Million with cognitive impairment.

Colin Young was recently brought on in Dallas at Coastal Advisors to round out the company’s offerings with home, auto and umbrella insurance. “Right now, people are refinancing their homes but also looking at lower insurance rates,” he explains. “People are shopping for good rates because they may have lost their job and are more budget conscious, but there’s always a need for good insurance coverage.”

“What helps me sleep at night is the extent to which what I do, helps people,” Salgado summarizes. “Our clients, whether they’re professional athletes, TV personalities or bus drivers, are our friends and we care about them.”

To that end, Coastal Advisors gives back as well with programs like the Big Daddy Youth Football Camp, which is a  non-contact program is designed to help campers in grades one through eight develop and sharpen their skills on offense, defense, and special teams, while instilling good sportsmanship ideals as well. Additionally, and probably more well known is the Big Daddy Celebrity Golf Classic.

A worldwide pandemic has undoubtedly turned many lives and plans upside down and nothing has seemed to go right this year. Evaluating insurance is, without a doubt, a wise and prudent consideration right now.

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Jack Raplee is a Queens native with over 20 years of journalistic experience covering industries as varied as entertainment, manufacturing, engineering and consumer electronics as well as hard news. Apart from writing, he has enjoyed additional exposure in radio work, standup comedy and modeling. While his career trajectory has brought him far and wide, living in places like Nassau, Bahamas; Sungnam, Korea; and Jackson, Mississippi he always seems to end up in his native NYC. Jack is currently working on a yet-to-be-titled book providing his unique perspective on his native Queens as seen from the table of a local diner.

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